Ann: TOV: FMS Panel Receives Application, page-21

Establishment and powers :  Of the Takeovers Panel

   

The panel was established under section 171 of the Australian Securities and Investments Commission Act and is given various powers under Part 6.10 of the Corporations Act. The panel has a full-time executive base who assist its members, draft policy, and provide continuity to the panel in its decisions.

The Takeovers Panel has three main powers:

1/   To declare circumstances in relation to a takeover, or to the control of an Australian company, to be "unacceptable circumstances";

2/   To protect the rights of persons (especially target company shareholders) during a takeover bid and to ensure that a takeover bid proceeds (as far as possible) in a way that it would have proceeded if the unacceptable circumstances had not occurred;

3/    Various review powers.